Simple Interest Problems Set 2 Question 1
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Question 1
Aditya has borrowed $5000 from the Capital City Bank to help pay for an entertainment system. The $5000 was obtained at a per annum interest rate of 5% and a period of 36 months.
How much interest will Aditya have to pay back to the Capital City Bank over the 36 months? How much money in total will Aditya end up paying back?